Chinese Premier Wen Jiabao announced in Guangzhou Sunday that the 50-year-old Chinese Export Commodities Fair will change its name to the Chinese Import and Export Commodities Fair from next session.

The fair, also known as Canton Fair, has been a biannual event held in spring and autumn since 1957. Wen said it will take the new name in the 101 session.

The move aims to expand China's import and pushes for the balanced development of China's foreign trade, said Wen.

He said China will resolutely implement the opening-up policy and encourage Chinese companies to invest abroad and also welcome foreign companies to invest in China.

China will perfect its economic rules and laws concerning foreign business, continue to improve the intellectual property rights protection, and create a fair environment for all the companies, he said.

Wen said that the Canton Fair is a showcase of China's reform and opening up drive and the country can not develop without cooperation with the rest of the world.

He said the fair is in the need of China's opening up drive and is an important part of China's "win-win" strategy.

He pointed out that the country is to be abided by the regulations of the World Trade Organization and be active in participating in building the global multilateral trade mechanism.

China will make efforts to absorb advanced technology and management expertise from foreign countries, and learn from all the achievements of the mankind.

(Xinhua News Agency October 16, 2006)